The Committee on Foreign Investment in the United States (CFIUS) gave clearance to Chemchina on the acquisition.

In addition to CFIUS clearance, the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions, a statement from Chemchina said.

Both companies are working closely with the regulatory agencies involved and discussions remain constructive, it said and the proposed transaction is expected to close by the end of the year.